Senegal achieved a long-held economic ambition in 2024 when it began commercial oil production from the Sangomar offshore field, operated by Woodside Energy with the Senegalese government holding a significant share through Petrosen. Annual production is expected to reach 100,000 barrels per day, generating several billion dollars in export revenues. LNG production from the offshore Grand Tortue Ahmeyim field, a cross-border development shared with Mauritania and operated by BP and Kosmos Energy, also commenced in 2024, with BP contracted to purchase LNG for sale to European markets.
Beyond Oil: A Diversified Economy
Senegal's economic foundations beyond oil are stronger than in many oil-dependent African states. Agriculture (groundnuts, horticulture, fisheries), phosphate mining, tourism, and a growing financial services sector all contribute meaningful GDP. Dakar is West Africa's second-largest financial centre after Abidjan. The government has been praised for its fiscal management of oil revenues, establishing a sovereign wealth fund and ring-fencing a portion of oil income for long-term development. Businesses investing in or trading with Senegal can access market intelligence and partner contacts on intra-africa.com.
For businesses looking to expand across Africa, intra-africa.com offers a comprehensive trade directory, verified buyer and seller listings, and real-time market intelligence covering all 54 African nations. It remains an indispensable resource for anyone serious about intra-African commerce.